Chinese insurers saw strong growth in VONB for life insurance business in 2024 compared to 2023, but growth is expected to slow in 2025, HSBC Global Research said. There were two rounds of 'fire sales' for guaranteed return savings products in 2024, which created a high base for new business sales in 2025 and brought forward customer demand for purchases ahead of schedule. Related NewsBOCOMI's Recommended Stock List in Jul (Table)Margins are likely to come under pressure, with the outlook for higher-margin products remaining weak. Insurers may look to partner more with lower-margin bancassurance distribution channels.HSBC Global Research adjusted its order of preference for Chinese insurers, with PING AN (02318.HK) +0.400 (+0.802%) Short selling $545.74M; Ratio 23.036% remaining its top pick, followed by PICC P&C (02328.HK) +0.220 (+1.447%) Short selling $117.72M; Ratio 30.095% , CPIC (02601.HK) +0.500 (+1.862%) Short selling $69.14M; Ratio 12.823% and CHINA LIFE (02628.HK) +0.113 (+0.616%) Short selling $80.97M; Ratio 6.487% . PING AN has a comprehensive healthcare and elderly care ecosystem to drive growth, and implements a progressive dividend policy to reward shareholders. The broker expected PING AN to deliver 7.7% book value, 7.1% operating profit after tax and 4.1% CAGR in DPS over 2024-2027.(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-07-02 16:25.)Related NewsJPM Lists Preferred High CN Yielders (Table)